Topic: Foreclosure
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Heartland CU wins in foreclosure appeal; case offers lessons for credit unions
ANALYSIS: As you may recall, The League filed a “friend of the court” brief with the Wisconsin Court of Appeals last spring, offering our support for Heartland Credit Union’s position in a case involving foreclosure […]
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OCU: General Letter CU 1-15 – Other Real Estate Owned (March 17, 2015)
This letter provides guidance to credit unions in handling situations involving Other Real Estate Owned (OREO). It is important that credit unions understand the risks associated with OREO and […]
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IRS: 2020 Instructions for Forms 1099-A and 1099-C
Acquisition or Abandonment of Secured Property and Cancellation of Debt. Specific Instructions for Form 1099-A: File Form 1099-A, for each borrower if you lend money in connection with your trade […]
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FTC: Mortgage Assistance Relief Scams: Another Potential Stress for Homeowners in Distress
The Federal Trade Commission (FTC), the nation’s consumer protection agency, has a Rule in place to protect homeowners. The Mortgage Assistance Relief Services (MARS) Rule makes it illegal for companies […]
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CFPB: 12 CFR 1024.41
Real Estate Settlement Procedures Act (RESPA) (Reg. X) Subpart C — Mortgage Servicing § 1024.41 Loss mitigation procedures.
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B075 Reg. X & Reg. Z: Mortgage Servicing Rule
This release applies to all credit unions, both state and federal. It describes nine federal Mortgage Servicing Rule – regulations issued by the Consumer Financial Protection Bureau (CFPB) that address […]
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B074 Reg. Z: Ability-to-Repay / Qualified Mortgage Rule
This release applies to all credit unions, both state and federal. It describes a Truth in Lending regulation that requires lenders to consider a borrower’s ability to repay when originating […]
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B058 HUD’s Delinquent Homeowner Notice Requirement
This release applies to all credit unions, state and federal, which hold residential mortgage loans. The Department of Housing and Urban Development (HUD) requires credit unions to send two notices […]